De Minimis Accounts definition

De Minimis Accounts is defined in the definition of “Collateral and Guarantee Requirement.”

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

De Minimis Accounts shall have the meaning assigned to such term in the Security Agreement.

De Minimis Accounts means deposit accounts (other than Daily Sweep Accounts) the aggregate principal balances of which do not exceed $2,000,000 at any time.

Examples of De Minimis Accounts in a sentence

Borrower and each Guarantor will cause each of their respective Deposit Accounts, Commodity Accounts or Securities Accounts (in each case, other than De Minimis Accounts) to at all times be subject to an Account Control Agreement in accordance with and to the extent required by the Security Agreement.
The Borrower shall, and shall cause the Guarantors to, deliver Deposit Account Control Agreements with respect to their respective Deposit Accounts (other than De Minimis Accounts) in accordance with the terms of and at such times as specified in [Section 4.14] of the Initial Security Agreement (as such Section may be amended from time to time including pursuant to the Amended and Restated Security Agreement).
The provisions of the previous sentence shall not apply to (i) deposit accounts exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such or (ii) De Minimis Accounts.
Schedule 4.29 hereof contains as of the Closing Date a complete and accurate list of all Blocked Accounts (including, without limitation, any Deposit Account), other than any De Minimis Accounts, maintained with any bank or other financial institution by the Borrowers or their Subsidiary Entities, each of which financial institutions shall be an Eligible Assignee and shall have executed a Blocked Deposit Account Agreement.
The Borrower shall, and shall cause the Guarantors to, deliver Deposit Account Control Agreements with respect to their respective Deposit Accounts (other than De Minimis Accounts) in accordance with the terms of and at such times as specified in Section 4.11 of the Initial Security Agreement (as such Section may be amended from time to time including pursuant to the Amended and Restated Security Agreement).

More Definitions of De Minimis Accounts

De Minimis Accounts means any Deposit Account, Commodity Account or Securities Account so long as the balance in each such account, individually, does not exceed $1,000,000 at any time and the aggregate balance of all such Deposit Accounts, Commodity Accounts and Securities Accounts does not at any time exceed $2,000,000.

De Minimis Accounts means deposit accounts of the Borrower and the Guarantors that collectively have an aggregate balance of less than $2,000,000 and that are not subject to a Control Agreement.

De Minimis Accounts means any Deposit Account, Commodity Account or Securities Account so long as the balance in each such account, individually, does not exceed $1,000,000 at

De Minimis Accounts means deposit accounts or securities accounts of a Grantor with a balance not exceeding $500,000 at any time or an aggregate balance for all such deposit accounts and securities accounts not exceeding $1,000,000 at any time.

De Minimis Accounts has the meaning specified in the Security Agreement.

De Minimis Accounts are accounts of Borrower maintained with financial institutions other than Bank so long as the aggregate amount of funds in each such accounts does not exceed $50,000 individually or $250,000 in the aggregate (for all such accounts).

De Minimis Accounts means, collectively, the deposit accounts and securities accounts owned by Celadon Trucking Services, Inc. and maintained at Star Financial Bank, Regions Bank, or their affiliates to the extent that the aggregate balance of cash, cash equivalents and short-term marketable debt securities held by the Loan Parties in all such deposit accounts and securities accounts does not exceed $250,000 at any time, subject to temporary variances from such amount disclosed to and approved by the Administrative Agent.